Market wrap 12/01/2021

Partial recovery in Dangcem from its recent fall after year end 2020 alongside aggressive buying in Mansard (+9.57%), Nascon (+10.00%) and Ardova (+9.75%) propelled gains recorded on the broad index to 0.36%. Market breadth was positive notwithstanding losses recorded among some banks, notably GTB (-1.07%), UBA (-1.12%), Access (-0.55%) and a few others. In same manner, MTNN declined marginally on crosses by 0.12% alongside cement manufacturer: Buacem (-0.12%).

Market activity level improved mostly on local bookover in UPDCreit valued approx. N4.2bn ($10.7m) whilst turnover recorded for the day was $20.6m. Year to date return on the index is slightly positive at 0.06%. We expect the market to continue to oscillate around current levels.

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